REPORTAGE. Held in Yaoundé, Cameroon, the summit of heads of state of the six CEMAC countries ended without any major progress, particularly on the currency, the CFA franc. By our special correspondent in Yaoundé, Samy Ghorbal

They had not met "in person" since the extraordinary summit convened by President Paul Biya in November 2019. The leaders of the Economic and Monetary Community of Central Africa (CEMAC), which includes Cameroon, Central African Republic, Republic of Congo, Gabon, Equatorial Guinea and Chad, sealed their reunion in Yaoundé, at the Unity Palace, on March 17, for the 15th ordinary session of the Conference of Heads of State. The meeting, which took place almost behind closed doors, amidst tight security and a state of siege, was intended to make up for lost time. The terms of office of the current president of the regional organization, Paul Biya of Cameroon, the president of the Commission, Daniel Ona Ondo of Gabon, and several commissioners had expired in 2021.

Faustin-Archange Touadéra to take over as President of the Central African Republic

A muted debate had agitated chancelleries and kept observers on their toes: should CEMAC stick to the rule - in force since 2010 - that provides for a rotation of posts according to alphabetical order or should it take into account what diplomats modestly described as "particular geostrategic data"? In other words, could Central African President Faustin-Archange Touadéra, under international fire for allowing Russian paramilitaries from the Wagner group to establish themselves in his country, succeed Paul Biya without weakening the organization? The heads of state, meeting in conclave, decided by preferring not to deviate from community rules. President Touadéra, "FAT", after intense lobbying, inherited the rotating presidency of the organization.

In the corridors, the happy faces of the Central African delegates left no doubt that this appointment is a diplomatic victory for Bangui, which will regain a major role in the organization. The community institutions that were relocated to Malabo in 2013 for security reasons will be relocated to the Central African capital within a few months. On the eve of his departure for Yaoundé, "FAT" took care to inaugurate, in the company of the outgoing President of the Commission, nine rehabilitated villas for CEMAC executives. The CAR is on the way out of its isolation," notes a diplomatic insider. Bangui has re-established dialogue with Washington by attending the last U.S.-Africa summit, and relations with Paris have eased after Emmanuel Macron and Faustin-Archange Touadéra met in Libreville on March 2 on the sidelines of the Congo River Basin Forest Forum. Another factor that weighed in the decision of Central African leaders was the fear of a "domino effect" on appointments to the heads of other community bodies. The sidelining of Bangui, even temporarily, would have set a precedent and exacerbated national rivalries for the remaining positions. The very conservative Paul Biya did not want to open this Pandora's box. And some decisions have even been left pending, such as the appointment of the successor to Gabon's Daniel Ona Ondo, who is expected to be an Equato-Guinean...

CFA franc: avenues for reflection, but no decision

Caution also prevailed on the other divisive topic of the summit, the possible reform of the functioning of the CFA franc of the Cemac zone. In November 2019, at their last face-to-face meeting, the heads of state had mandated the Bank of Central African States (BEAC, the issuing institute) and the Cemac commission to conduct an "in-depth reflection on the conditions and framework of a new monetary cooperation with France" and propose "evolutionary schemes." According to Jeune Afrique magazine, the confidential report submitted to the heads of state envisaged several strong options: closing the operating account with the Bank of France, repatriating foreign exchange reserves to the BEAC, a possible retreat of representatives of the French Treasury and a change in the name of the currency (abandoning the CFA franc in favor of the MAC, an acronym for Central African currency). A sort of copy-paste of the monetary reform initiated by the EU-MOA countries (the West African monetary zone, which soon plans to switch from the CFA to the eco). Daniel Ona Ondo, in an interview with RFI given the day before the summit, even made the point, suggesting that the CEMAC countries could do without the Bank of France if they so chose, since the French guarantee of convertibility has hardly ever been used. Central African leaders preferred to ignore the issue. The issue was not mentioned in the final communiqué. The monetary big bang will have to wait...

This pause, which does not say its name, will undoubtedly upset the supporters of "African sovereignty", who are vociferous in their contempt for the CFA franc, which symbolizes, in their eyes, the perpetuation of a link with the France they detest. It was received with much more serenity in the corridors of the summit. This debate about the CFA is a debate with no economic stakes," said a money manager from one of the countries in the zone. It is purely ideological. Things can be improved, but the current situation is far from bad. CEMAC has achieved the best continental performance in terms of inflation, with an average of 5%, a difference of 9 points compared to the average for sub-Saharan Africa. With growth of 2.9 percent in 2022, accelerating to 3.3 percent, the region is not doing so badly. The real challenges that should concern us are the weakness of our local production, the infrastructure deficit, which penalizes trade, and the poor development of our natural resources."

Sassou-Nguesso's Congo honored

The Conference of Heads of State also paid tribute to the "regional champion" of reforms, Denis Sassou-Nguesso. The Congolese president led the PREF Cemac, the economic and financial reform program, an instrument set up in 2019 to coordinate responses to crises, ensure the structural transformation of economies and strengthen resilience. This mechanism has contributed significantly to the resilience and recovery of the region's economies," said the Congolese head of state. It has made it possible to combat imbalances at a time when CEMAC was faced with a triple shock of unprecedented magnitude between 2020 and 2023, with the Covid-19 crisis, the food crisis resulting from the war in Ukraine and the resurgence of inflation," he continued. Today, other crucial challenges await us in a rapidly changing world. We must create the conditions for the Zlecaf and the effective free movement in the Cemac space. We must focus on integration through infrastructure. The 11 priority integration projects selected for the 2023-2028 period focus on road and rail corridors, including the famous road-rail bridge that should link the capitals of the two Congo, Brazzaville and Kinshasa, by 2028. The holding of this 15th CEMAC summit is a strong political act," concluded Congolese Prime Minister Anatole Collinet Makosso. It is a commitment and a reaffirmation of the will of the Heads of State to make a success of community integration and to accelerate reforms..."

Source : Le Point

Date : 20-03-2023